Posted on 08/25/2008 3:25:23 PM PDT by Rufus2007
It seems like a no-brainer: Raising taxes is bad. It's a shame that Barron's is one of the few outlets to pick up on it.
An economic plan floated out by Democratic presidential hopeful Sen. Barack Obama, Ill., would raise taxes on incomes above $250,000 - with the highest rate at 39.6 percent - and redistribute the wealth to the poor and middle-class. But that would be a big mistake, according to an article by Jim McTague in the August 25 issue of Barron's.
"It's almost as if Obama wants to repeat the mistakes of Herbert Hoover," McTague wrote. "During the Great Depression, Hoover raised the top marginal rate to 63% from 25% and hiked corporate taxes, too, says Michael Aronstein, chief investment strategist at Oscar Gruss & Son in New York. The moves siphoned needed investment capital out of the markets and into the hands of bureaucrats, delaying the turnaround."
(Excerpt) Read more at newsbusters.org ...
‘It’s Almost as if Obama Wants to Repeat the Mistakes of Herbert Hoover’
that would imply Obama knows who Hoover is.
Everybody knows who Hoover is! He's one of the 57 U.S. Presidents. Sheesh!
He want's to tax Hoover...they make a lot of expensive vaccuums and they must have some obscene profits that Obama can tax and redistribute.
If that is so, then Obama figures he is a shoe-in for the Damn President.
nah - he knows he was the guy in the theme song for “All In the Family”
He does. It’s the name of the guy who invented his vacuum.
Don't bring Bill Clinton's nose into this.
Barrons need to remember, it is not about governing, it is about “class warfare” to get elected. Who cares about the economy when you can accuse the “rich” for the hurt felt by those receiving the bribes known as entitlements?
Well, all the fundamentals are there. How is this news?
As I said once before, “By 2012, we may be referring to him as Barack “Hoover” Obama”. Although, to do so would be an insult to Herbert Hoover.
Hoobert Heever?
Took my 15-year-old grandson (who attends an accelerated private high school) and a friend of his from another city (who attends public school because it was good enough for his father) to southern California. Were on street named after Gerald Ford. The friend said - in all seriousness - that he though all the Ford plants were in Michigan. Thought my grandson was going to fall out of the car he was laughing so hard. So he went onto tell his friend who Gerald Ford really was, which president, how he got to be president, etc. When we were in Colorado at Christmas time and they did the night ski down Vail with all the torches it was really meaningful to him.
Why not? Hey all you have to do is print more money!!
Its good to remember that the moon bat whacko lefty Dems regard taxation the same way they do pyramid selling schemes. Everyone should just join in, and the more you pay, the more you get back, over and over!
A$$ HATS!!!!!
That would depend upon which end of the stick you hold. If you are on the end which desperately needs a reason to step in and rescue the citizens from an action which they created and who will do anything to perpetuate, High Taxes are a good thing.
On the other hand if you are one of those people who the Socialists desire to enslave, high taxes might not be such a great idea.
It has been demonstrated time and time again that whenever people are free to act, they will invest their wealth in enterprises that promise the greatest return for their efforts. Investing in these socialist functions always leads to a bankrupt country.
In the end, it is up to the people to chose which system they prefer to live under. If you want High Taxes and Slavery, Vote Democrat. If you really want a shot at what freedom can bring Vote Republican.
Feh - he’s the inventor of the vacuum cleaner AND the former head of the FBI.
“President Obama says: Eat it”.
First, he won't reauthorize extending the Bush43 tax cuts. That would drive up the top rate to 39.6%. Later on, Obama's plan would call for increasing the top rate on the wealthiest Americans from 39.6%, to something in the neighborhood of 52%.
This is pathetic. Taxing success is totally counterproductive.
Clinton's tax increases on the "rich" in the 1990s, helped to build a surplus. The same could've been achieved by passing real spending reform. Thank God the GOP was around to keep Slick Willie from further tax increases.
If employers cannot hire employees because their business isn’t expanding...taxes cease.
Hiking taxes is like cutting water flow to a garden, things dry and wither because investing in the government gives a zero (0) return on investment whereas if you lower taxes, the government ends up with more money (to waste) and you allow business to operate.
The extra dime of every dollar given to the goveernment gets wasted in a bureaucratic nightmare of no accountability (this pertains to both Left and Right, but the Left seem to want more handouts).
I assumed that FDR did that.
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